In this week's deep dive into the RevOps Life series, we explore why the foundation of RevOps should begin with a thorough review of the business model.
Different perspectives exist on the essence of RevOps - some focus on marketing-sales alignment, while others emphasize the integration of data, technology, and people.
However, I advocate that the real starting point is aligning the business model with the goals of the profit and loss statement (P&L), revenue, and organizational growth.
For those who prefer a visual format, I've created a video that serves as a walkthrough of our first workshop, a key component of our engagement with clients.
When examining a business model, our team delves into various areas, including:
Value Proposition
Revenue Streams
Key Partnerships
Key Resources
Key Activities
Competitive Advantage
SMART Goals and OKRs
Department Key Numbers
Vision & Mission
An important aspect to note is the absence of the target market in this list. With our clients we address this critical element separately through our module dedicated to crafting Ideal Client Profiles (ICPs) and Personas.
A compelling question we often pose to our clients is:
Why should a customer buy from you?
Surprisingly, this straightforward query frequently stumps participants, whether in boardrooms or on virtual strategy calls. The answers are often varied and lack uniformity. This scenario underscores a fundamental challenge within organizations that we aim to address.
We always start our strategy workshops with Three Simple, But Effective Questions:
1: What problem does your product/service solve for customers?
Understanding the specific pain points or needs your product or service addresses is crucial for targeted marketing and messaging.
2: How does your product/service differentiate from competitors?
Identifying your unique selling points allows for marketing strategies that highlight these strengths and help customers understand why they should choose you over others.
3: What is the customer feedback on your value proposition?
Gathering customer feedback is vital in assessing how well your value proposition resonates with your audience and where it could be improved.
These questions may seem basic, but they are often overlooked in strategy planning.
Leveraging Success Stories: Collect and analyze customer success stories and case studies, especially valuable in B2B environments.
Tracking Market Dynamics: Stay attuned to market trends and evolving customer needs to ensure your value proposition remains relevant and forward-thinking
Conducting a Cost-Benefit Analysis: Evaluate your offering from the customer's cost-benefit perspective to inform pricing and value communication strategies.
To help you translate this into real life, here are three world class examples from leading organizations that I hope you will connect with.
Apple's ethos revolves around delivering user-centric technological solutions with a focus on innovation, quality, and user experience.
Amazon transforms the shopping experience with an extensive product range, rapid delivery, and superior customer support, highlighted by their Amazon Prime service.
Tesla leads in innovative electric vehicles and renewable energy solutions, emphasizing sustainability and cutting-edge technology.
Ready to get started with RevOps on a firm foundation? Schedule some time aside and work through this action list.
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